Interoperable blockchain technologies company Blockstream announced the launch of a new feature ‘Confidential Assets’, in its Elements blockchain platform.
The announcement comes backed by a real-world use case showcasing how developers can leverage the feature in their businesses. The new feature facilitates the issue, management as well as the transfer of various asset types in an order that enables cryptographically-enforced confidentiality, at the same time, providing best security and auditability that the blockchain provides.
“In today's increasingly digital environments, privacy and security of financial transactions are more critical than ever. Our latest release of Confidential Assets enables users to protect financial information about their transactions and commercial activity in a public blockchain. By enabling multiple asset types and putting control of privacy into the hands of the users, we are empowering solution providers and businesses to build blockchains for their most valued use cases,” Dr. Adam Back, CEO of Blockstream, stated.
The release stated that with the Confidential Assets, the blockchain users can manage multiple asset types by encrypting both the asset types and transaction amounts between the transacting parties. The new feature extends powerful capacities to its users and enables the new functionality in order to support marketplaces where trading of different blockchain assets is desired.
The announcement of the release of the new feature was made during the inauguration of the prestigious Financial Cryptography and Data Security international event happening this week in Malta. The event saw Blockstream engineers presenting the Confidential Assets academic paper, which explains the innovations and cryptography in greater detail.
“Utilizing the new Confidential Assets capabilities of Elements, we're delighted to release the world's first working demonstration of the real-time exchange of asset tokens on a blockchain with preservation of the essential requirements of commercial confidentiality,” Kaoru Hayashi, CEO of Digital Garage, said. “By contributing engineering resources directly to upstream open source projects like Bitcoin and the Elements Project, we're able to leverage our expertise in blockchain technology to bring these exciting innovations to our home market.”
